Altogether, 44 companies applied for the measure, which is used by firms facing financial difficulty to avoid laying off staff. Only five applications were rejected with the result that out of a potential 5,023 employees, 2,860 will see their work hours reduced.

The Committee said that the number of applications submitted did not change compared with the month of January.

In addition, it also approved one request from a company for a pre-retirement adjustment, amending the participation costs of early retirement at the applicant company.

The findings were revealed at a meeting on Wednesday, which was attended by Luxembourg Economy Minister Etienne Schneider.